ACC305 WK 2 E5 3 page 275 Installment sales
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E5-3 on page 275 - Charter Corporation
Prepare summary journal entries for 2011 and 2012 to account for the installment sales and cash collections. The company uses the perpetual inventory system.
Exercise 5-3
2011To record installment sales
Installment receivables360,000
Inventory234,000
Deferred gross profit126,000
2011To record cash collections from installment sales
Cash150,000
Installment receivables150,000
2011To recognize gross profit from installment sales
Deferred gross profit52,500
Realized gross profit52,500
2012To record installment sales
Installment receivables350,000
Inventory245,000
Deferred gross profit105,000
2012To record cash collections from installment sales
Cash220,000
Installment receivables220,000
2012To recognize...
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